Oi CEO quits amid reports of clash with board - Mobile World Live

Oi CEO quits amid reports of clash with board

27 NOV 2017

Oi CEO Marco Schroeder resigned two weeks before a crunch meeting of creditors to decide the fate of the debt-laden operator.

The operator confirmed Schroeder, who had been in the position since June 2016, would be replaced by chief legal officer Eurico de Jesus Teles Neto with immediate effect.

In a statement, Oi said Neto would hold the two positions on a temporary basis, but did not clarify which role would be dropped.

Prior to official confirmation Schroeder had quit, Bloomberg reported the CEO left following a row with the board over the “slow pace” of the company’s emergence from bankruptcy protection. In a leaked memo, Schroeder reportedly told colleagues he could no longer work with the Oi board.

In a statement confirming his departure, Oi said: “The company expresses its most profound thanks to Marco Norci Schroeder for his complete dedication.”

Changes at the top come amid ongoing disagreements on the company’s debt restructuring plan as the board seeks to appease creditors.

The latest plan was submitted to creditors last week, ahead of a meeting scheduled for 7 December. Stakeholders and Oi directors have rebuffed each other’s proposals to restructure the company’s debt, which stood at BRL65.4 billion ($20.2 billion) when it entered bankruptcy protection in June 2016.

Earlier in November, reports emerged China Telecom was mulling a $6 billion bid for a majority stake should Oi solve its ongoing dispute with creditors.

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Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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